X Financial (XYF) Q4 2024 earnings summary

Executive summary

• Achieved record operational and financial results in Q4 and FY2024, with Q4 loan volumes up 24% year-over-year to RMB 32 billion and full-year loan volumes at RMB 104.9 billion, maintaining stability versus 2023.

• Net income for Q4 more than doubled year-over-year, reflecting strong profitability and exceeding guidance.

• Asset quality improved, with lower delinquency rates and robust growth in active borrowers and outstanding loan balances.

• Growth driven by disciplined underwriting, improved asset quality, and supportive macroeconomic policies, including government stimulus and lower funding costs.

• Leveraged proprietary technology, diversified funding sources, and a seasoned management team to drive growth and operational efficiency.

Financial highlights

• Q4 2024 net revenue increased 43% year-over-year to RMB 1.7 billion; net income grew 104% to RMB 386 million.

• FY2024 net revenue reached RMB 5,872 million, with net income at RMB 1,539 million.

• Q4 2024 non-GAAP adjusted net income was RMB 408 million, up 76.8% year-over-year; FY2024 non-GAAP adjusted net income was RMB 1,539 million, up 20.5% year-over-year.

• Shareholder equity increased 19% year-over-year to RMB 6,953 million at year-end.

• Cash and cash equivalents at year-end 2024 were RMB 984.6 million.

Outlook and guidance

• Expects Q1 2025 loan volume between RMB 33.5 billion and RMB 34.5 billion; full-year 2025 loan volume guidance is RMB 134.4–138.4 billion, implying ~30% year-over-year growth.

• Profitability expected to grow in line with loan volume, supported by stable risk profile and low funding costs.

• Management is optimistic about 2025, citing continued asset quality improvement and supportive government policies.